Oil & Gas Analytics Market Size

Oil & Gas Analytics Market Size

Oil & Gas Analytics Market size surpassed USD 5 billion in 2021 and is projected to grow at a CAGR of over 23% between 2022 and 2030. A paradigm shift toward the exploration of mature oil fields along with the growing exploration of unconventional wells will boost the industry growth.

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The oil & gas analytics market is expected to witness substantial growth during the forecast period, with companies resolving to achieve lower maintenance and operational costs. Stringent government regulations & mandates to ensure safety during operations in the upstream, midstream, and downstream sectors have increased the deployment of analytical services in the industry.

In recent years, the global economy witnessed a negative impact due to the widespread outbreak of COVID- 19. Most industries across the globe have been impacted by the pandemic owing to stringent lockdown policies by several governments, resulting in operation halts. The pandemic forced retailers to halt business for a certain period, which can be attributed to the low-capacity operations at refineries and a decline in sales. However, the oil & gas analytics market is now being operated at full capacity globally, which has provided an opportunity for O&G companies to invest in digitalization.